State Codes and Statutes

Statutes > Utah > Title-61 > Chapter-02e > 61-2e-201

61-2e-201. Registration required -- Qualification for registration.
(1) Unless registered under this chapter or exempt under Section 61-2e-104, an entity maynot with regard to a real estate appraisal activity for real estate located in this state:
(a) directly or indirectly engage or attempt to engage in business as an appraisalmanagement company;
(b) directly or indirectly engage or attempt to perform an appraisal management service;or
(c) advertise or hold itself out as engaging in or conducting business as an appraisalmanagement company.
(2) To qualify to be registered as an appraisal management company under this chapter:
(a) each individual who owns, directly or indirectly, more than 10% of the appraisalmanagement company shall:
(i) be of good moral character, as determined by the board; and
(ii) not have had a license or certificate to engage in an act related to a real estate ormortgage transaction refused, denied, canceled, or revoked in this state or in another state; and
(b) the appraisal management company shall designate a main contact forcommunication between the appraisal management company and either the board or divisionwho:
(i) is a controlling person;
(ii) is of good moral character, as determined by the board; and
(iii) has not had a license or certificate to engage in an act related to a real estate ormortgage transaction refused, denied, canceled, or revoked in this state or in another state.
(3) This section applies without regard to whether the entity uses the term:
(a) "appraisal management company";
(b) "mortgage technology company"; or
(c) another name.

Enacted by Chapter 269, 2009 General Session